The agreement with Greentech Renewables
Southwest positions Exro's Cell Driver™ Energy
Storage System into Greentech's extensive sales channel for solar
and EV charging applications
- Greentech Renewables Inc. is one of the largest distributors
of renewable energy products in the
United States with over 80 locations in major solar
markets.
- The non-exclusive partnership will accelerate and amplify
Exro's market presence by targeting Greentech's growing demand for
energy storage in commercial and industrial applications as well as
EV charging stations in the Southwestern U.S., one of the world's
largest markets.
- Exro's Cell Driver™ will occupy a central role in
Greentech's portfolio for commercial and industrial applications,
enhancing Greentech's offerings by providing a comprehensive
storage solution to its diverse customer base in addition to its
already established solar panel offerings.
- Exro and Greentech's innovative storage solutions support
the United States' leading clean
energy initiatives, setting a new standard for quality,
reliability, and affordability, and encouraging adoption to a
sustainable electrified world in transportation and energy
storage.
CALGARY,
AB, Feb. 7, 2023 /CNW/ - Exro Technologies
Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or
"Exro"), a leading clean technology company that has
developed new generation power control electronics that expand the
capabilities of electric motors and batteries, is pleased to
announce that it has entered into a channel partnership agreement
("the agreement") with Greentech Renewables Southwest
("Greentech"), a division of Consolidated Electrical Distributors
("CED") Greentech, one of the largest solar equipment distributors
in the United States. The
agreement aligns with Exro's targeted go-to-market strategy for its
Cell Driver™ Energy Storage System ("Cell Driver™") product
offering, partnering with leading clean energy integrators that
provide expertise and scalability to amplify and accelerate market
penetration to commercial and industrial ("C&I") customers.
"We are thrilled to welcome Greentech as our first U.S. partner
as we build a network of leading integrators and customers that
will support taking Cell Driver to market in the multi-billion
dollar commercial and industrial space," said Exro CEO Sue Ozdemir. "As one of the largest solar
solutions providers in the U.S., Greentech is a highly reputable
partner through which our Cell Driver can be marketed, sold,
distributed, and serviced. Partnering allows Exro the operational
and financial flexibility to focus on its core products. For our
shareholders, the partnership provides visibility on one of the
near-term pathways to revenue for our differentiated product
offering in the under-serviced commercial and industrial sector in
one of the largest solar markets in the world - the sun belt of the
southwestern United
States."
Channel Partnership Agreement
Framework
The non-exclusive partnership will accelerate and amplify Exro's
market presence, targeting Greentech's growing demand for energy
storage in C&I applications as well as EV charging
stations.
The primary objectives for 2023 are to successfully introduce
the Cell DriverTM product to Greentech's network of
commercial integrators. These objectives are contemplated to be met
in two phases beginning with the development of a joint sales and
marketing plan, including a pilot project. Several sites are being
evaluated for the pilot. The second phase of the agreement will see
Greentech, along with its network of solar installers, providing a
flexible product demand forecast on a rolling 12 and 24 month
period over the 5-year term of the agreement.
The energy storage system, consisting of Exro's Cell Driver™
integrated with Greentech's solar panel products and services, will
be designed to serve as a flexible energy asset, a value-add that
supports peak shaving and grid reliability, while also having
potential applications for fully off-grid projects. For more on
peak shaving visit: Load Shifting: What Is It and How Does It
Work? (exro.com).
Partnering with the Leader in
Renewable Energy Solutions in the United
States
Greentech Renewables Southwest is a nation-wide distributor in
the renewables industry, providing customers with the appropriate
tools and informational resources to design, sell, and install
energy storage solutions efficiently and cost-effectively. With
over 80 locations in major solar markets in the U.S., Greentech
offers extensive on-site inventory and logistics support in
addition to financing, design, and engineering services, to meet
the unique needs of its customer network of solar installers and
developers.
Exro's Cell Driver™ will occupy a central role in Greentech's
portfolio for commercial and industrial applications. This will
enhance Greentech's offerings by providing a comprehensive storage
solution to its diverse customer base, in addition to its already
established solar panel offerings.
Exro's Cell Driver™ – The World's
Safest and Most Advanced Energy Storage System
Solar panels have one job: They collect energy from sunlight and
transform it into electricity. But they can make that energy only
when the sun is shining. That's why the ability to store solar
energy for later use is important: It helps to keep the balance
between electricity generation and demand. Simply put, a
solar-plus-storage system is a battery system that is charged by a
connected solar system. Many solar-energy system owners are looking
at ways to connect their system to a battery so they can use that
energy at night or in the event of a power outage. According to
Bloomberg's NEF Global Energy Storage Market Report for 2022, the
global market for stationary energy storage is forecast to reach
US$125+ billion by 2030. Exro's Cell Driver™ is positioned to
capture this rapidly expanding use case market for energy
storage.
With the global push towards sustainable clean energy solutions,
the market outlook for stationary energy storage continues to grow.
Stress on utility grids has resulted in rolling blackouts in places
such as California, Texas, Arizona and more. These blackouts, combined
with inflated peak rate charges for electricity, highlight the
growing need for flexible backup energy storage solutions,
particularly for commercial and industrial applications.
The Exro Cell Driver™ provides an increased depth of control
over battery cells, resulting in superior charging, deeper
discharge rates, enhanced safety, and continuous operation. This
enables commercial and industrial buildings to manage energy
consumption, safeguard against grid outages, store energy produced
on-site, and realize benefits through peak shaving and load
shifting. Cell Driver™ is also equipped with Exro's proprietary
Battery Control System™, that actively manages cells based on their
State-of-Charge (SoC) and State-of-Health (SoH). This enables
micro-protection mechanisms to electronically isolate faults,
significantly reducing chances of thermal runaways, without any
disruptions to system operation. Combined, the Exro Cell Driver™
confronts challenges facing the stationary energy storage market
and also provides an optimal solution for influx of retired
electric vehicle batteries with its active cell balancing
functionalities by repurposing into a second life in stationary
energy storage.
Exro's Cell Driver™ remains on schedule to complete UL
Certification in late Q2 2023 – certification required to connect
to the power grid in North
America.
Product Inquiry Contact
Please see link to the Exro's Cell Driver™ product catalog:
Exro-Cell-Driver-Catalog.pdf
Greentech is now accepting orders for Cell Driver™ for delivery
in Q3 2023. Exro and Greentech Southwest will be offering technical
and sales training on an ongoing basis to support product
introduction to electrical and solar contractors. Interested
parties may contact:
Exro Technologies
Livio
Filice
SVP Sales - Energy Storage
LFilice@Exro.com
+1.905.929.7522
Greentech Renewables Southwest
Cole Eaton
Business Development - SW Division
cole.eaton@greentechrenewables.com
+1.480.407-7100
ABOUT EXRO TECHNOLOGIES
INC.
Exro Technologies Inc. is a leading clean technology company
that has developed new generation power control electronics that
change how the world optimizes energy by expanding the capabilities
of electric motors and batteries. The company's innovative
technologies serve to bridge the performance-cost gap in e-mobility
(Coil Driver™) and stationary energy storage (Cell Driver™), and
act to accelerate adoption towards a circular electrified economy
by delivering more with less – minimum energy for maximum
results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at
www.exro.com/investors
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects", "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved". Forward looking statements
involve risks, uncertainties and other factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's filings with
Canadian securities regulators, that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Although the Company believes that the assumptions and factors used
in preparing these forward-looking statements are reasonable based
upon the information currently available to management as of the
date hereof, actual results and developments may differ materially
from those contemplated by these statements. Readers are therefore
cautioned not to place undue reliance on these statements, which
only apply as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed times
frames or at all. Except where required by applicable law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company with the Canadian securities regulators, including the
Company's annual information form for the financial year ended
December 31, 2021, and financial
statements and related MD&A for the financial year ended
December 31, 2021, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.